Economic Calendar Analysis
On Tuesday, the US ISM Services Purchasing Managers Index survey results are expected to impact the value of the US Dollar and all pairs that include the USD.
During the week, almost all attention will be paid to the US Federal Reserve Federal Open Market Committee Meeting Minutes on Wednesday at 19:00 GMT.
The meeting minutes are a protocol of the central bank's committee, which decides US and, subsequently, global monetary policy. The document is set to reveal, what the committee talked about and detailed information about their future plans.
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the EUR/USD currency pair reaches new low levels, it might look for support near 1.0985 in the trend line, which connects the March low levels. Further below, the support zone of the late March low levels at 1.0945/1.0965 could stop a decline.On the other hand, a recovery of the common European currency against the US Dollar is set to face no resistance as high as the 200-hour simple moving average near 1.1040. Higher above, the 1.1050 mark is set to act as resistance. In addition, take into account the 50-hour SMA and the weekly simple pivot point at 1.1058.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has succeeded on its third attempt at passing the zone of the January and February low levels and March high levels. However, the pair has encountered resistance in the 50-day simple moving average.Higher above, note the 38.20% Fibonacci retracement level at 1.1200 and the 100-day simple moving average at 1.1240.
Daily chart
Read More: Technical Analysis
Traders set up buy orders
On Friday, on the Swiss Foreign Exchange trader open positions were long, as 59% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the Euro against the USD.
On Monday, the sentiment was 61% long and pending orders were 58% to buy.